Shares of GK Energy Ltd, a solar-powered agricultural water pump systems provider, made a decent debut on the bourses despite weak sentiment. The stock listed with a premium of nearly 12 per cent against the issue price of Rs 153. The stock started trading at Rs 165, a gain of 7.84 per cent from the issue price on the BSE. However, it surged further after its debut and reached a high of Rs 175.95, a 15 per cent increase from the issue price.
At the NSE, the stock was listed at Rs 171, a premium of 11.76 per cent. The company's market valuation stood at Rs 3,448.91 crore.
Earlier, the public issue received a whopping 89.62 times subscription as it drew to a close on Tuesday. The Rs 464 crore IPO had a price band of Rs 145-153 per share.
The Pune-based firm's offering was a combination of fresh issue of shares worth Rs 400 crore and an Offer For Sale (OFS) of 42 lakh equity shares, worth Rs 64.26 crore at the upper end, by selling shareholders.
Proceeds from the fresh issue to the extent of Rs 322.5 crore will be utilised for funding the company's long-term working capital requirements, and the balance for general corporate purposes.
Saatvik Green Energy Share Price Listing
Shares of Solar panel maker Saatvik Green Energy made a flat debut on the Dalal Street today. The stock listed at Rs 465, same as the issue price. Post listing, the stock dipped to touch the low of Rs 447. Last seen, it was trading at Rs 451.60. The market cap of the company stood at Rs 5,736.25.
However, the stock made its debut at a discount of Rs 5, at Rs 460, a 1 per cent drop from the listing price.
Proceeds from the fresh issue worth Rs 477.23 crore will be invested in Saatvik Solar Industries Private Limited for setting up a 4 GW solar PV module manufacturing facility at Gopalpur Industrial Park in Odisha, and Rs 166.44 crore will be infused into the subsidiary for repayment or prepayment of its outstanding borrowings.
